Global Online Doctor Consultation Market – Forecasts to 2026

 Global Online Doctor Consultation Market – Forecasts to 2026

The online doctor consultation market is estimated to be USD 3.9 Billion in 2020 and is projected to reach USD 16.0 Million by 2026, at a CAGR of 26.6%.

The healthcare industry is a constantly changing industry which accommodates new research findings and integrate new treatments. All thanks to the growing integration of the internet and healthcare industry and prevalence of smartphones that the healthcare services are reaching to every patient sitting in the house.

This integration is now at the beginning of a massive shift in how healthcare providers deliver patient care, and provide online access to physicians.

Moreover, worldwide lockdown amid COVID-19 infection, has prompted innovation in the healthcare services sector. In order to avoid the spread of infection further and protect front the line workers and patients, telemedicine (online consultation) has emerged as a new home care service.

 

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Patients have been switching to online medical consultation rapidly, due to the coronavirus pandemic. For example, according to the reports submitted by Practo, there has been a 500% growth in online consultations between March-May 2020 due to lockdown conditions.

In order to provide seamless services for patients sitting at home, major players in the market are using organic strategies to penetrate in the market even more. In January 2019, CirrusMD, (Leader in chat-first virtual care delivery), entered into a collaboration with Sanitas Medical Centers (Online Consultation provider). The collaboration will help Sanitas’s patients to access instant, barrier-free communication with a trusted doctors via mobile or web.

Increasing availabity of doctors, healthcare providers, and specialist on an online platform, rising internet usage clubbed with technological innovations for consultation at home care setting, increasing preference for remote patient monitoring due to COVID 19 pandemic, and growing burden of common lifestyle disorders in younger generation are some of the factors driving the online doctor consultation market.

Furthermore, the integration of artificial intelligence (AI) with healthcare ecosystem, growing number of hospitals and clinics, and increasing support from government for e-commerce services in healthcare business are also likely to drive this market.

The primary insights gained by applying artificial intelligence while using online consultation platform, are based on how patients expresses its issues and symptoms, patient’s medical history and records, patient’s wish for a specific consultation. Such insights then are analysed by the provider in order to offer best of online consultation services.

The field of online consultation is still a novel concept for many developing countries. Yet, the entire sector is gaining drastic growth, because of the umpteen benefits it offers in making healthcare accessible to every patient.

Based on the region, the market is segmented into North America, Asia-Pacific, Europe, Middle East and Africa and Central & South America. North America is expected to dominate the market during the forecast period due to the presence of top online consultation providers. Also, unlike other developing regions, North American telemedicine players receive immense monitory support from the government.  Furthermore, Asia-Pacific region is expected to grow at a high CAGR during the forecast period. Rise in number of end users, increase in geriatric population and increasing number of internet users in this region is expected to propel the growth.

Other services in healthcare consultation industry are e-Pathology, e-Radiology, e-Counselling, e-Health records, and e-Education which are making their place in the services segment. Another game changing online service is e-Pathology. e-Pathology is an electronic platform for pathologists, laboratories, and other medical and veterinary professionals which offer real-time consultation for pathologic diagnosis of suspected cases of infectious diseases, via affordable packages and deals to the patients sitting home. This segment will witness immense growth majorly due to factors such as the increase in diagnostic imaging services, cost saving services provided via online platform, and the streamlining of e-pathology and e-radiology practices.

The key players operating in the online doctor consultation market include: Sanitas.es, Teladoc Health, Doctor On Demand, Inc., Ping an Good Doctor, ZocDoc, Inc., MDLIVE Inc, HealthTap, Inc., MeMD, Guahao, Sata CommHealth, PlushCare, iCliniq, Dictum Health, SnapMD, Inc., Lybrate, Inc., Babylon Health, MyTelemedicine, Inc., Medifi Medtech Solutions USA Limited, eVaidya, Chunyu Yishenge, Virtuwell, and Doctoroo Australia Pty. Ltd. among others. COVID-19 pandemic situation worldwide has acted as a catalyst for the growth of this market.

 

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